Wisdom, Deals for Seniors, and Social Security: The Three Things That Make It Worth The Wait

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There are three things about getting old that make it worth the wait.

I don’t remember when it exactly happened (lately, I know for sure), but I have new-found wisdom, so people tell me. As a stroke survivor, that is mighty good. My thoughts and what comes out of my mouth are clever and intuitive. I remember my father saying that, as a teenager and young adult, I didn’t have any common sense, but look at me now! I think my late father would have been proud.

Then there’s the second thing–deals for seniors. Did you know, for example, that:

Amazon Prime	50% off Prime membership	Online	Must be a qualifying government assistance recipient, including SSI and SNAP	Every day
Bealls Coast2Coast Rewards	10% off your purchase	In-store	No age requirement	Tuesdays
Big Lots Big Rewards	Cash-back rewards, VIP shopping day discounts, and a birthday surprise	In-store or online	Must create a Big Lots account	Every day
CVS ExtraCare	Earn 2% back in ExtraBucks Rewards every time you use your ExtraCare card	In-store or online	CVS ExtraCare card member	Every day
CVS Veterans Advantage	20% off your purchase	Online	VetRewards member	Every day
Home Depot	Price match guarantee	In-store or online	No age requirement	Every day
Goodwill Senior Savings Day	10% off your purchase	In-store	60+ years	Tuesdays
JOANN Senior Discount Day	20% off your purchase	In-store	55+ years; must present a state-issued photo ID for proof of age upon checkout to receive discount	Check your local JOANN store for their senior day schedule
Kohl’s	15% off your purchase	In-store	60+ years; must present a state-issued photo ID, which is required at checkout	Wednesdays
Lowe’s Veteran Program	10% off your purchase	In-store and online	Military veterans must first enroll online; valid photo ID required at checkout	Every day
Ross Dress for Less 55+ Program	10% off your purchase	In-store	55+ years; must provide a photo ID at checkout	Tuesdays
Michaels	10% off your purchase	In-Store and Online	55+ years; Must create a Michaels Rewards account	Every day
Red, White, and Blue Thrift Stores Senior Citizen Day	50% off your purchase	In-store	55+ years	Wednesdays
Rite Aid wellness 65+	Earn 5x points, in-store purchases that day. Free pharmacist consultation to review medications, immunization needs, blood pressure screening, and Medicare Part D questions	In-store	65+ years; must enroll in-store for the wellness65+ and be a wellness+ member	First Wednesday of each month
Savers	Percentage varies by store location	In-store	55+ years	Tuesdays
Tanger Outlets	Free Tanger coupon book with up to $1,000 in savings	In-store	AARP member	Every day
Walgreens Seniors Day	20% off eligible items and cash rewards

And more. You have to ask to receive the discounts.

And finally, the third thing: Social Security. Supplemental Security Income, otherwise named SSI, turned 87 years old, is the largest source of income for most retirees, but only 43 percent of Americans are sure SSI will continue in the future.

That’s because the fix is in the hands of the Republican-led United States Congress who, in large part, think that personal savings are more important than relying on SSI alone. Thus, with SSI as it’s set up now, most on both sides of the aisle, the funding will run out in a decade or so.

But without Social Security benefits, 21.7 million more Americans would be below the poverty line, according to the Center on Budget and Policy Priorities, as well as Social Security Disability Insurance (SSDI) which help pay the monthly bills for retired and qualified disabled workers and their families.

Trouble is right around the corner. SSI and SSDI will be out of money in 11 years, according to the latest report from Social Security’s trustees and calculations which show that the program would cover only 80 percent of benefits.

Congress is dragging its heels, thinking that somewhere around 2035 is a long way off. But based on recent calculations, if nothing is done to stop it, the funds will run dry in 2034.

The picture looks better from another point of view. One reason is from 1940 to 2019, life expectancies at age 65 have increased by about 6.5 years. SSI, the proponents say, isn’t going to stop entirely for it will be covered by the payroll taxes coming into the system.

Thus, Congress will have to raise taxes or modify benefits or do some of both. Some have suggested doing away with the entire program and converting it to individual account plans similar to a 401(k) retirement program, that is, you contribute a portion or all of your current payroll taxes to a retirement account that you manage yourself. Thus, your choices matter.

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Wisdom (Huh! Did I say that?) and senior deals are one thing that are fun to encounter, but 21.7 million more people going below the poverty line if SSI evaporates is friggin’ scary.

As Dr. Phil says, “Don’t wait until you’re in a crisis to come up with a crisis plan.” And Congress is waiting.

The post Wisdom, Deals for Seniors, and Social Security: The Three Things That Make It Worth The Wait appeared first on The Tales of A Stroke Survivor.

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Joyce Hoffman is one of the world's top 10 stroke bloggers according to the Medical News Today. You can find the original post and other blogs Joyce Wrote in The Tales of a Stroke Survivor.